Can a Grant Deed reserving Life Estate be changed or cancelled?

Yes, but it requires the signatures of all of the people named in the Grant Deed and affected by the change. Cancelling the life estate or providing that it ends when the life estate holder stops living there, will require the signature of the holder of the life estate. The owner who is going to receive possession after the holder of the life estate passes away, can grant that right to get the property in the future, to someone else without the signature of the life estate holder. Likewise, the life estate holder can transfer the right to occupy the premises during the life of the life estate holder, without the signature of the owner of the property, unless the original life estate deed prohibits such a transfer, which they sometimes do. If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business. Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need. Dana Sack      

Yes, but depending on the wording of the deed, you may need the signature of the remaindermen.  Contact an attorney for a full consultation.